Dec 16 Specialty pharmaceutical company Endo
Health Solutions Inc said it would buy NuPathe Inc
for about $105 million to gain access to NuPathe's
migraine treatment, Zecuity.
NuPathe shareholders will get $2.85 per share, a premium of
24 percent to the stock's Friday close. They will also be
entitled to up to $3.15 per share if specified sales milestones
for Zecuity are acheived.
NuPathe shares jumped nearly 61 percent to $3.70 in trading
before the bell.
Zecuity, approved by the U.S. Food and Drug Administration
in January, is the only FDA-approved prescription migraine
patch. It delivers a commonly used migraine drug, sumatriptan,
to treat both headaches and migraine-related nausea.
Endo said it plans to launch Zecuity in the first half of
2014. The deal is expected to add to Endo's earnings within the
first 12 months of closing.
The transaction is expected to close in early 2014.
Malvern, Pennsylvania-based Endo's shares closed at $63.86
on the Nasdaq on Friday. Nupathe shares closed at $2.30.
(Reporting by Natalie Grover in Bangalore; Editing by Joyjeet